Cryptocurrency price update: Bitcoin falls more than 13 percent in the last 7 days
According to coinmarketcap.com , the global crypto market is valued at $2.04 trillion, which is a near 2 percent fall over the last day.
Bitcoin is trading over $44,000. The crypto has fallen nearly 2 percent in the last 24 hours and over 13 percent in the last week.
Ethereum is trading at around $3260, more than 16 percent down from its last week’s prices.
In the last week, Solana has risen over 12 percent.
Polkadot has gained over 3 percent in the past week and nearly 11 percent over the last 24 hours.
Cardano and Dogecoin have fallen over 15 percent and 22 percent, respectively, in the last 7-day period.
Afghanistan has been reeling under a deep financial crisis amidst the political turmoil marked by the withdrawal of US troops and Taliban ’s seizure of power. Subsequent to the announcement of the exit of US troops, there was a hike in the usage of cryptocurrency and some Afghans opted to transfer their savings into the digital asset, which they believed was more secure than local currency and banks. With rapid increase in cryptocurrency usage over the last months, Afghanistan was ranked 20th in the Global Cryptocurrency Adoption Index 2021, by blockchain data firm Chainalysis.
Taliban & Cryptocurrency
If Afghanistan continues to remain cut off from international finance, the Taliban could turn to cryptocurrency, according to Richard Goldberg , former National Security Council official, the WSJ reports.
The popularity of digital currency and the anonymity that comes with some of these platforms could possibly lure Talibans to cryptos, the same report quotes a Washington-based non profit as saying.
The future of Crypto in Afghanistan
Afghanistan with close to 7 million expatriates resettled abroad depends heavily on remittances from family members living in other countries. Profits gained in crypto transactions helped those living abroad to provide money to relatives in Afghanistan to meet everyday needs. At a time of disruption of even informal money services called hawalas and money exchange houses, locally-operated Bitcoin exchanges kept running.
The locals in Afghanistan are as much hopeful of cryptocurrency to rescue the Afghanis from the existing economic distress. Farhan Hotak, a 22-year old Afghani , sees in crypto a safeguard against inflation and the key to a better life, according to cnbc.com. The crypto community in Afghanistan uses crypto secretly by hiding their IP address using a virtual private network in order to mask their geographical location.
It remains to be seen what the future holds for cryptocurrencies in Afghanistan in the wake of the current political turmoil.
It remains to be seen what the future holds for cryptocurrencies in Afghanistan in the wake of the current political turmoil.
With Thanks, Reference to: https://timesofindia.indiatimes.com/business/cryptocurrency/bitcoin/cryptocurrency-price-update-bitcoin-falls-more-than-13-percent-in-the-last-7-days/articleshow/86160047.cms
